Bank of New York Mellon Corp Takes $5.51 Million Position in IMAX Corporation $IMAX

Key Points

• Bank of New York Mellon purchased 138,279 IMAX shares worth approximately $5.51 million, giving it a 0.25% stake. Institutional investors collectively own 93.51% of the company.
• IMAX reported stronger-than-expected quarterly results, with EPS of $0.43 versus a $0.30 consensus estimate and revenue up 12.2% year over year to $102.84 million. Analysts maintain a “Moderate Buy” consensus rating with a $54 target price.
• IMAX shares recently traded at $51.72, near their 52-week high, while insiders sold 484,757 shares worth $25.5 million over the past three months—potentially signaling caution at the current valuation.

Bank of New York Mellon Corp purchased a new position in shares of IMAX Corporation (NYSE:IMAX - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 138,279 shares of the company's stock, valued at approximately $5,512,000. Bank of New York Mellon Corp owned about 0.25% of IMAX as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently bought and sold shares of the company. CIBC Private Wealth Group LLC purchased a new stake in shares of IMAX during the third quarter valued at $27,000. Quarry LP increased its stake in IMAX by 166.8% in the 4th quarter. Quarry LP now owns 875 shares of the company's stock worth $32,000 after buying an additional 547 shares during the period. Caitong International Asset Management Co. Ltd lifted its holdings in IMAX by 2,310.4% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 1,157 shares of the company's stock valued at $38,000 after buying an additional 1,109 shares in the last quarter. Aster Capital Management DIFC Ltd lifted its holdings in IMAX by 863.0% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,666 shares of the company's stock valued at $62,000 after buying an additional 1,493 shares in the last quarter. Finally, Kestra Advisory Services LLC purchased a new stake in IMAX in the 4th quarter valued at about $74,000. Hedge funds and other institutional investors own 93.51% of the company's stock.

IMAX Stock Performance

NYSE:IMAX opened at $51.72 on Friday. The firm's fifty day moving average is $46.36 and its two-hundred day moving average is $41.27. The firm has a market cap of $2.84 billion, a price-to-earnings ratio of 71.83, a PEG ratio of 1.66 and a beta of 0.40. IMAX Corporation has a one year low of $28.93 and a one year high of $55.57.

IMAX (NYSE:IMAX - Get Free Report) last posted its earnings results on Thursday, July 23rd. The company reported $0.43 EPS for the quarter, topping the consensus estimate of $0.30 by $0.13. IMAX had a return on equity of 15.47% and a net margin of 9.84%.The firm had revenue of $102.84 million for the quarter, compared to analyst estimates of $96.09 million. During the same period last year, the company earned $0.26 earnings per share. IMAX's revenue for the quarter was up 12.2% compared to the same quarter last year. As a group, equities research analysts predict that IMAX Corporation will post 1.49 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

IMAX has been the topic of a number of research reports. Wall Street Zen raised shares of IMAX from a "hold" rating to a "buy" rating in a research report on Saturday. Weiss Ratings upgraded IMAX from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, July 16th. JPMorgan Chase & Co. increased their price objective on IMAX from $47.00 to $50.00 and gave the stock an "overweight" rating in a research note on Friday, July 24th. Barrington Research lifted their target price on IMAX from $46.00 to $50.00 and gave the company an "outperform" rating in a research report on Friday, July 24th. Finally, The Goldman Sachs Group upped their target price on IMAX from $42.00 to $50.00 and gave the stock a "neutral" rating in a report on Friday. Ten analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, IMAX presently has an average rating of "Moderate Buy" and a consensus target price of $54.00.

IMAX News Summary

Here are the key news stories impacting IMAX this week:

• Positive Sentiment: The Odyssey’s IMAX 70mm engagement has been extended through the end of September, indicating sustained demand for premium-format screenings and potentially supporting IMAX’s box-office revenue. The Odyssey Is Extending Its IMAX 70MM Run Once Again Through the End of September
• Positive Sentiment: Multiple reports say The Odyssey’s ticket sales have surpassed $450 million, and theaters are extending its IMAX 70mm run. The result reinforces the commercial appeal of blockbuster films released in IMAX and could improve near-term exhibitor and technology revenue. The Odyssey extends Imax 70mm run, ticket sales surpass $450 million
• Neutral Sentiment: Coverage of Steph Curry’s basketball project involving 20 IMAX cameras highlights IMAX’s ability to attract sports and event-content partnerships, although the immediate financial impact is unclear. Steph Curry IMAX cameras feature
• Negative Sentiment: Goldman Sachs raised its IMAX price target from $42 to $50 but maintained a Neutral rating. The new target remains about 3.3% below the reported $51.72 share price, suggesting Goldman believes much of the expected upside is already reflected. With IMAX trading at a high earnings multiple, the valuation signal may weigh on the stock despite the target increase.

Insider Activity

In related news, CFO Natasha Fernandes sold 20,000 shares of the business's stock in a transaction on Monday, August 24th. The shares were sold at an average price of $54.63, for a total value of $1,092,600.00. Following the completion of the transaction, the chief financial officer directly owned 35,596 shares in the company, valued at $1,944,609.48. The trade was a 35.97% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Kenneth Weissman sold 8,000 shares of the stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $54.54, for a total transaction of $436,320.00. Following the sale, the insider directly owned 28,205 shares in the company, valued at $1,538,300.70. This trade represents a 22.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 484,757 shares of company stock valued at $25,513,021 in the last three months. 20.55% of the stock is currently owned by corporate insiders.

About IMAX

IMAX Corporation is a global leader in immersive entertainment technologies, specializing in the design, manufacture and distribution of high-resolution cameras, projectors, and proprietary software solutions that enhance both film production and theatrical exhibition. The company licenses its premium large-format system to theatre owners and filmmakers around the world, enabling audiences to experience movies with greater clarity, scale and sound fidelity. IMAX also offers turnkey theatre development services, assisting cinema operators with auditorium design, installation and custom branding to optimize the customer experience.

Founded in 1967 and headquartered in Mississauga, Ontario, IMAX has built a reputation for pioneering film-format innovations, including its patented dual 15-perforation, 70-millimeter projection system.

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